Roma Finance

Roma completes funding for equestrian centre

Roma Finance has provided a £874,500 bridging facility to support the completion of a range of holiday let properties and a new state-of-the-art equestrian centre.

The bridging lender stepped in at the last minute after the client had been let down by another lender.

Roma was introduced to the client by Positive Lending, who turned to the lender as it needed a fast turnaround.

Simon Atherton, business development manager at Roma, was appointed to the assignment and met the customer at the property the day after the case was agreed.

The site (pictured above) comprised a bungalow, three cottages, seven holiday flats and 33 acres of land, so there was enough security to cover payments with holiday let income.

The site of the equestrian centre

The client needed to redeem an existing first charge with a high street bank and a further £500,000 was required to complete the residential properties and build an equestrian centre to provide enough working capital so the business could produce a set of accounts to help with a refinance exit strategy.

Roma agreed a bridging facility of £874,500 over 12 months, which was completed in eight days.

The value of the completed centre will be £3.5m and the bridging finance will help to deliver a new purpose-built indoor arena so it can operate all year round.

Scott Marshall, managing director of Roma, said its new fast-track process helped to deliver the funding in a short space of time.

“Visiting the site and fully understanding the transaction is a vital part of our new process and this helped to speed up the quick decision making needed in cases such as these, where another lender pulled back from the case at the last minute.

“The business owners are experienced in this area and I’m sure they will make it a success.”

The borrower praised Roma for managing to get the funds over within eight days of the original enquiry.

“The underwriter was always available to discuss the case and the support from the business development team was excellent.

“Without the speed of turnaround, we would have suffered months of delays as the whole delivery and construction window would have been lost, not to mention the manufacturers’ problems if they weren’t paid.”

James Oldham of Positive Lending added: “Roma was exceptional in service and speed to get my client’s loan funded.

“Daniel Hill and David Watkins stayed in contact daily with me (the broker) and the client to ensure that everyone knew where we were at every stage.”


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    anne clarke

    Looks like a really interesting business model.

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